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.5%, and a similar story for the euro stoxx 50. in new york, trading still under way for the dow jones industrial average, and it is not doing a lot. very little change. the euro trading for $1.3323. >> the chairman of a german steel producer has admitted to making mistakes, saying his supervisory board could have done better, but those mistakes have led to some huge losses for the company. >> the executive dick -- the executive is accused of failing to stop multi-billion dollar projects that went wrong. >> shareholders and employees are pointing the finger at the supervisory board chairman. they accuse him of failing to question bad board decisions. at the general meeting, he fought back, saying he has no intention of stepping down. >> if you ask me whether as a board we could have done things better, i will honestly say yes. we trusted people for too long. we could or should have acted sooner, but we did act once we saw what was going on if we had the appropriate facts, and we acted with resolve. >> hopes for the company's future lie with the new ceo. he fired three top executives last month af
with the ecb to make sure that the euro got through this problem. i was designated to ask you about the banking union. and at that point he was there optimistic. he thought the banking union could be worked on, in place in the first quarter of this year. well, now they've moved it to the first quarter hopefully in 2014 and you still have argument somehow it is going to be done. so you need to put a timeline on this and then you've got to adhere to it. but to get the banking system back with similar regulations throughout the eurozone is absolutelabsolutel absolutely necessary. it is key to the recovery of your. second of all is a plan that he talked about on july 26 in london last year. which is the outright monetary transaction, whereas the ecb would buy bonds from the country's in trouble, along with the european stability mechanism under certain conditions. in other words, certain conditionality. now, the ecb is going to put up that conditionality. they have enough on there. and so it will probably be international monetary fund, but they haven't really agreed what kind of conditionality the
stronger than expected. it rose in january, current conditions 108 versus the expectations of 107. euro/dollar is about 1% higher on the back of that news. the ifo institute, current conditions, 108. headline index, 104.2 versus 103. ross, what do you make of it? >> well, you can see what's going on with the euro there, 134. let's get more from finland. good to see you, alex. thanks indeed for joining us. the defense here that we're no longer in crisis fighting mode, the question as we look at data in germany, the question is whether we've made a fundamental turn, a fundamental change and whether things are temporary. >> i certainly hope we've made a fundamental turn. if this crisis is 100 steps, i'd say we are about 60 steps down the road. now, really, we have the fundamental institutional things in place. so that has calmed down the markets. what we now need is political stability. i think the italian election is one thing and the second thing we need in europe more than anything else is -- >> yeah. we thought stabilizing the crisis in terms of the bond spreads playing out was hard. g
in east london, the euro cafe is serving up british toast and italian coffee, and the patrons are discussing the european question. >> we should be allowed a say at some point. >> we are definitely part of europe, and i think we will be too small outside of europe. >> but not all londoners are as pro-eu as those in the euro cafe. >> we definitely need to renegotiate our position. it certainly detracts from what we could contribute to our own economy, which is sorely needed. >> i know we can still means -- retain a relationship with our members without necessarily the party. m a cameron's position is one of a strong britain in a more relaxed european alliance, and he says that is something he will fight for. >> david heyman is making his own position very difficult. britain's fate will hinge on its european partners. -- david cameron is making his own position very difficult. if they do not agree, britain is headed toward the exit door, and this is something the prime minister does not want at all. >> cameron's speech has been troubled for months, and battle lines are already b
republic, so the czech republic is investing some 100 million euros to install phase shifters on the german border. they regulate the current. then, when too much current surges over from germany, the chip grid can simply turn it off, even if that blows some fuses in germany. >> 2013 is a so-called super election-year in austria, meaning that voters will go to the polls several times. regional parliaments are due to be elected in four of the country's states this spring, followed by the national election of the federal parliament this autumn. it will not be an easy campaign for the traditional parties. they face competition from a political newcomer. some austrian politicians are reminded of a time in the early 1990's when a man came from the far right and meddled with the traditional austrian political landscape. he died four years ago, and his party has since lost some of its significance, but some former supporters have now found a new political home with a new party. >> he who has the gold makes the rules -- that was the model used when introducing the party in the timber. he was born i
the current si markets. how is the yen trading ahead of all of this. >> the dollar/yen and the euro/yen, of course, the yen has been a primary factor in the week's rise. 44 to 66, compared it was add ri -- revised before the euro/yen. we have 1.33, comparing to the euro/yen. we may just see the nikkei and the euro/yen trading at a narrow range. >> thank you, ramin mellegard, from the tokyo stock exchange. the nikkei with a gain of one-tenth of a percent. >>> they have voted toyota camry the car of the year. domestic makers dominate the market. representatives from the japanese automaker collected the trophy for the u.s.-built sedan at a ceremony in seoul. the journalist praised the car's price competitiveness. it beat 44 models introduced last year, including vehicles by south korea's kindai. they recently began shipping cars from the u.s. to south korea. our free trade agreement between the countries have slashed terrorist. >> honda and other japanese automakers have also increased ship makers from the u.s. to south korea. south korea is continuing to buy cars for their friendly te
. the german euro booked a 1 million litigation charge which led to restructuring. in an analyst call, it was said the group does not need to issue more sales but left the door open for the cocoa bonds to comply with u.s. regulations. >> meanwhile, santander shares are trading lower after the net profit more than halved to 2.2 billion euros in 2012, hurt by write-downs on property asset necessary spain and a slowdown in latin america. santander says it's returning more than 24 billion worth of ltr loans having taken 35 billion in ultra cheap etr funding. shares down about 2.5%. there's stephane pedrazzi now joins us from madrid. stephane, what's the reaction? >> we've seen a limited market reaction at the open. it's now trading 2.5% lower. the numbers were below expectations. the net profits were the weakest for the last 13 years. 2.21 billion euros. the contends of reuters was at 2.5 billion. there were some massive provisions last year. it's not a big surprise. 18.8 billion euros in total to cover potential losses on the property portfolio. santander says it has completed now its pr
to the euro. executive vice president added that he expects the global market situation to improve later this year. >> translator: we hope that economic measures introduced by the new administrations in japan, the u.s. and china will help fuel a recovery in consumption in the latter half the year. >> mitsubishi electric will buy out a german firm that designs and develops plant sewage treatment and waste disposal systems. the japanese electronics maker said it reached the deal with kh automation projects to acquire all its shares. my sue beneficia mitsubishi elect tricks say the deal should be completed by march. the goal is to expand the social from your business in europe. the deal will allow both firms to combine each other's products. more japanese electronics firms are boosting their operations in the social infrastructure sector to expand their foot hold in overseas markets. the focus is on waste water treatment, waste disposal, railroads and power generation. >>> now let's check on the markets. european shares are trading at a narrow range as investors are staying on the sidelines
/dollar, 11.6236. euro/dollar, 1.3166. kind of where we were yesterday. asian markets in china and japan will be catching up on news on the u.s. fiscal cliff deal. we'll get december sales figures from japan's retailing. the owner of stores are set to release its q1 earnings today. samsung electronics is expected to post its q4 earnings guidance. that's all on the agenda in asia. but what investors are to do with what we've got so far this year? joining us now, nicholas. these are the classic risk off day yesterday. how do you categorize it and what it means for -- >> well, i mean, obviously, you know, i think it's important to be clear that this was a rally not based -- based not on what the deal did, but what the deal undid. clearly, the good news is that the u.s. americansfully avoided an even bigger fiscal issue. but, you know, i think clearly it shows how low we've actually sunk in the realm of investors expectations when the markets are actually rallying on essentially muddling through. and this is a well trodden path. it's a fairly familiar tale. and we've obviously seen it in the
euros in debt. the treasury's funding this year is being outlined in madrid as we speak. as we get details on that, we'll absolutely bring them to you. we're talking about nations showing up and saying, give us the help. but spain hasn't even had to go that far. >> the spanish base can get some of on their money if they declare official emergencies. what they're trying to do is to avoid saying we really need the help, we're in trouble. all these countries, as the situation continues, it's clear they won't appear to be the only ones to call the situation off. and the spanish are aware of the fact that everyone else is aware of. we can deal with these countries. spain itself is a significantly different issue. this is a european problem, a potentially fatal one, but one that the spanish isn't really up to. >> can we still get beyond the german elections before there is any activation of the omc? >> we're talking about -- >> or can we go everywhere? >> the issue with the omt, if you're a central banker's performance, it's all these acronyms and different names. it's worth bearing in m
this morning been up to 89.35. euro/yen higher, stipulating around the 118 mark, as well. euro/dollar had big moves yesterday, posting with the spanish auction mr. draghi and the ecb coming out saying it was unanimous about no interest rate cuts whereas in the previous month there had been some discussion about that. euro/dollar, 11.3260. let's bring you up to speed with the asian trading session today as they wrap up the week. li sixuan joins us for the first time today. >> thanks, ross. japan was a clear outperformer after shinzo abe unveiled his massive stimulus plan. and the nikkei gained 1.4% today. just to put it into context, this index is up for the ninth straight week, its longest winning streak since late 1988. shares of stocks surged to nearly 5% after the operator of clothing chain unicore raised its full year guidance. but hotter than expected cpi data from china put new pressure on the shanghai deposit. there will be more curbs to taint housing prices. meanwhile, weakness in china's blue chips dropped the hang seng lower. but hsbc did lend some support after the bank said yester
've been up to 89.67. euro/yen, up if you recall, 1119.34 is where we stand at the moment. euro/dollar, 11.335 55, holding on to the gains that we have seen on that particular cross rates. we have industrial production coming out in under an hour's time. that's where we trade right in and out in europe. let bring you the first update of the day from asia. li sixuan is out of singapore. >> hi. thank you, ross. asian markets mostly in the green today. and the outperformer is still china's shanghai composite hitting a seven-month high. this after security regulators said beijing can't miss the quota for investment markets. if you recall, late last week, a top official tr china's signal said growth could come in at 7.7. surpassing beijing's target of 7.5%. sen second mainland stocks finished with .64%. over 15% after profit warnings. and the market is out of action today celebrating the coming of age day. mon tar policy does have an impact on the yen today. the japanese currency soft.ed to a the 1/2 year low against the greenback. we'll see how that market reacts when it comes back online tomo
yielding 1.5%. as far as currency markets, the euro/dollar at 1.3277. couldn't sustain it over 1.34. some comments saying the euro exchange rate is dangerously high. stepping down, as head of the euro group. they'll decide the success on january 21. dollar/yen, 87.88. and aussie dollar is over 1.0540. we'll bring you up to date with events in asia. we have more from singapore. >> sure, thank you. those asian markets finished in the red. the nikkei suffered its worst daily showing in eight months despite upbeat machinery orders data for november. a rebound in the yen fueled profit-taking in exporters. shares of al nippon airways slipped 1.6% today. and some boeing suppliers such as the battery maker gu uasa tumbled. the shanghai composite pulled back .7% after hitting a 7.5-month high yesterday. developers continued to lose ground after strong gains since q4 last year. this despite talk of delaying the property tax reform due to insufficient planning and law making. >>> in hong kong all eyes on the chief executive's maiden policy speech with a focus on measures to tackle the housing crisis
news, we'll get to that. reaction to the economics in the euro, as you were. >> a reminder, europe can be somewhat close to zero this year, output same as last year, maybe down if we get a decent follow in from the states, maybe clawing back to zero. with the gap between the two, the divergence is the greatest that i've seen since the start of the euro in the '90s. so this is not improving. >> economic divergence is great. market performance is something entirely different. >> yeah. money has to go somewhere. investors, investors around the world are looking for yield. the u.s. investors are looking for yield most of all. they sell the dollar, they buy stuff with yield. this morning, if -- if italian government debt has more yield than other things, then apparently that's just the job. so the euro is likely to go up to 1.34 against the dollar in this move. dollar/yen higher, equities higher. a risk on morning without anybody overthinking it. >> exactly. with the yields being slightly lower than they were this morning as part of that move. the house of representatives passing a bill lat
higher on the bund yields. sannish yields back over the 5% mark. on the currency markets, euro/dollar is at 1.3361. dollar/yen pulling away from its nine-month highs at 88.70th at the moment, as well. that's where we stand in europe. sixuan has more for us from singapore in the asian session. >> sure. thank you, ross. asian markets were a bit of a mixed bag. the shanghai composite gained .6% after yesterday's 3% job. since then, numbers were boosted by china's top security official who said beijing could lift the quota for investors to invest in the mainland markets by as much as nine times. environmental stocks surged. aerospace stock took off on an upbeat industry outlook. the hang seng finished marginally in the red. oil majors and telcos were the market laggers. persisting weakness in the yen boosted exporters. meanwhile, in technology shares wait on south korea kospi ending lower with 1.2%. in australia, the asx 200 ended just a touch below the line. miners were weaker. more on that from our guest later in the show. back to you, ross. >> thanks for that, swish won. catch y
. the euro hit the 118 level for the first time in 20 months. that pair is changing hands at 118.10 to 15. market participants say worries about the debt situation in the euro zone has eased due to positive comments on the regional economy from the european central bank president. let's see how this is affecting the stock market. the weaker yen is prompting export on stocks. let's take a look at how other markets in the asia pacific are performing. south korea's kospi trading modestly in the negative down about .10 of a percent. look likes a bit of a mixed picture today. over in the united states president obama had revealed his nomination for his treasury secretary. his chief of staff jack lew is poised to replace timothy geithner. >> over the years he's built a reputation as a master of policy who can work with members of both parties. jack has my complete trust. i hope the senate will confirm him as quickly as possible. >> mr. president, i look forward to continuing the challenges ahead. >> lew is 57 years old. he's well versed in financial policy. he served as director of the office o
. >> japan is facing a $255 million euro loss for philips. >>> cutting a key interest rate by 25 basis point is the bank of india. >>> and the boj is keeping tune rate until there's a significant drop in unloimt. >>> and ahead of today's parliamentary hearing, italy's economic mip sister takes grilli takes center stage. >>> all right. reunited. back together. >> so nice. >> you know that song? >> i sang that to you the last time. we've had a couple of reunions and a series of time spent apart. >> how are things sthp. >> they are great here. how was davos? >> so far, gone, in the distant memory. don't worry about it for another year. plenty to worry about today, though. >> korea. >> on today's show, plenty of good stuff coming up. we're going to be in madrid as the prime minister is reportedly releasing a plan to relief some of the pain of austerity. >> then it's south korean steel giant posco reporting quarterly earnings today. we'll have the latest live from seoul at 10:15. and it's day one of the fomc meeting. economists are awaiting more clues from the stimulus program. we'll be live in n
continues its weakening trend both against the dollar and the euro. right now we have dollar/yen at 88.12. the euro is at 115.444. triggers are selling the yen on speculation the bank of japan will take further monetary easing steps. >>> and that is going to wrap it up for biz tonight. let's check in now to see what's happening with the markets. ♪ >>> thousands of people waiting to go home. tons of debris waiting for disposal. vast tracks of land waiting to be restored. overcoming the challenges of japan's 2011 disaster won't be easy, but step by step people are moving forward. find out how on "the road ahead" every wednesday at 1:00 p.m. japan time right here on "newsline." >>> the people who oversee nuclear safety in japan are still finding their feet. they got to work at the nuclear regulation authority in september after the government merged two other agencies. >> reporter: he is doing a job that has not been done before. he's the new chair of a new agency. he says he's committed to making decisions based on the evidence, something he says that was hard to do before the accident
for paris cac 40 about a quarter percent higher. the dollar and euro are maintaining up ward momentum. dollar/yen is currently at 89.80. euro yen is changing hands at 119.96. the currency touched the 116 yen level at one stage during this week. the yen is facing selling pressures due to strong expectations that the bank of japan will ease credit further. >>> a japan based free phone and messaging service called line is spreading fast. company officials say the number of users topped 100 million on friday. pretty exciteed. the service via smartphones is provided by nhn a subsidiary of a south korean i.t. firm in japan. senior nh officials and employees got together at the company's headquarters on friday to celebrate the milestone. the service started in june of 2011. it took on lie 19 no, sir reach that 100 million mark. that's faster than facebook. nh officials say more than 40 million users are here in japan but the service is also very popular in south korea, taiwan and middle eastern countries. companies and public institutions are using the service for advertising and public rela
. will israel bomb iran and will the euro zone finally break apart? >>> then the fiscal cliff. the view from across the pond. how did our political process look from a perch overseas and what will it all mean for the u.s. economy and the global economy? >>> also, will this be india's awakening? the nation confronts its own dark corners after a despicable deadly act. i'll look at some parallels with america's recent tragic school shooting. >>> first, here's my take. the deal to avoid the fiscal cliff is a small victory for sanity, but what it says about the future is somewhat bleak. washington will probably lurch from crisis to crisis kicking problems forward and placing band aids small solutions on those it does address. there will likely be no large-scale initiative on entitlement reform, energy policy, probably even immigration reform and this is the real worry. because beyond the self-inflicted crisis of the cliff and the forthcoming debt ceiling, the united states faces a much deeper challenge. for more than a decade now, for many decades by some measures, america's growth rates have slo
the dollar. concern about the strength of the euro overall could be a threat. undercurrent to the u.s., which looks like to be a negative one. >> the big macro, everything out of japan, not so great. but the united states banking story, i think, is as you mentioned, carl, is it a real u.s. economy, what is the read on it. people are doing better. and this is a section that was terrifically performing in the s&p last year. and you could argue, wait a second, it's run ahead. but it's not selling off today. i thought people thought it would sell off. we're not getting that kind of judgment. >> a lot of up moves on the back of goldman sachs earnings. take a look at the financials. [ bell ringing ] >> taking a look at the open here. no surprise. oh, look, apple is higher by 1.9% in today's session. helping the nasdaq in an up trend. cutting apple to set to perform. a lot of the reasons we heard before, but apple will have bottomed, either yesterday, or today. calling the bottom in shares of apple. remember, on the way up, in september, they're worried about the impending pop on apple. making the m
. on the currency markets, euro/dollar, the euro has been up to 30-month highs against the swiss franc. trying to crawl back some gains. dollar/yen, 88.84. today the yen is a little weaker today on japanese reports minister's saying he was regretful his comments will be misinterpreted. aussie/dollar, 1.0517. we begin to focus on what's going on in rio. let's bring you up to speed with the rest of the news out of asia. li sixuan joins us for the first time out of singapore. >> thank you, ross. asian markets finished on a difficult note. the shanghai composite lost about 1% today, extending losses for the second day after krit swiss downgraded china life. the hang seng ending lower by a touch. no curbs were introduced by the executive yesterday. taiwan's taex is down over 1% led by technology shares. tsmc shares ended a touch higher before its results of announce wantme wantments. it posted a 32% jump meeting forecasts. but the company expects q1 revenue to fall due to seasonal factors. elsewhere, the nikkei is finished just a tap higher. sharp shares jumped over 7% on the back of tv joint ventu
long. euro/dollar, who cares about that one today? let's talk more about china. we'll head out to hong kong for in-depth analysis. intel giving investors the jitters with a disappointing forecast and a massive increase in capital spending. we'll look at those figures just after 10:20 central european time. 16 minutes later, we'll head out to bangor to talk to the ceo of wipro. >>> and the hostage crisis continues in algeria. we'll have the latest news right after the break. stay with us. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. >>> welcome back to the program. a spokesman for the british foreign office says the uk government has received no words that the hostage crisis in algeria is over. most of the reports suggests dozens might have been killed during a rescue operation carried out
equities at a five-year high, the euro rallying so prices being lifted by this different influences. melissa: thanks for coming on. we have another truth even if it is not what you want to hear. he made it sound good even though it is bad news. lori: anybody can understand behind the price target. that is a given. it makes it a little bit easier to digest. melissa: it still does not ease how much you're paying at the pump. facebook fourth-quarter peak district of the downgrades roll in. if the company's strategy working? lori: and the drugmakers, the big pharma names. stocks getting beaten down. and competition from generic. but there is still reason to be optimistic. next. . ... melissa: time for stocks now as we do every 15 minutes. let's head to the floor of the new york stock exchange and our own nicole petallides. what have you got. >> i'm looking at a market here that has been somewhat mixed. nasdaq is managing to squeeze out gains the dow dropped below 13,900. some names names weighing on the dow, united health care, bank of america. market breadth actually as i look at it, a
kellogg has disturbing job news from london tonight. >> the euro zone unemployment average reached all-time high of 11.8%. up from 11.7 in october. in country like italy, the situation is particularly dire. youth unemployment registered to 37%. >> here they are lined up with jobs accusation center. >> i don't have any trust in my country. absolutely not. no way out. we have our backs against the wall. either you leigh, if you stay here you are condemned. >> some blame the austerity measures that led to violence across the continent for aggravating the employment situation. greater unemployment comes diminished spending power so you get a vicious circle. still, despite the fact that improvements aren't happening quick enough. the leaders of the 27 countrys leaders from the different political parties learned to reach con ken sus. for example on banking union. >> the leaders have come together to change the system in ways they hope will not only stabilize the euro but lead to longer term growth. >> the euro zone need to do more to convince investors they are business friendly. unless it
of the euro currency. boy, we went from basically trading a 133, now to trading 131, and today is a big down day. one market that actually is getting a little bit of a breath, but nothing on the scale of what the dollar and some of the other currencies are gaining on the euro, the dollar/yen. the yen has improved marginally today. but we're still on 87 handle on the dollar versus the yen. you want to pay attention to foreign exchange. we still have some other data today. the minutes we'll get later will be scrutinized, especially considering, you know, federal reserve and how it figures into a post-cliff presealing debate. >> i'm glad you brought up the euro. dennis gartman did that earlier this morning and we didn't talk about it at the time. what do you think is happening? why has the euro turned around here? >> well, to me, i think that what the euro represents, or what the relationship between the euro and other currencies represent continues to be exaggerated by shifts in the ultimate dynamics of trying to score the economy. then you had in the big position growth that we've seen, and t
the fact that the euro crisis has calmed to the point that investment is possible again in troubled countries. >> in a global economy the face of companies like schuler is tied to markets throughout the world. for now the mechanical engineers say that they can count on strong demands, especially from china. >> if i don't think we have reason to be pessimistic. businesses always connected to psychology. i think that lots of german companies are in a very good position and the demand for many products, in the machine and equipment area, is extremely high and it will remain so. >> german engineering firms head into the new year with confidence a sign the job market will remain stable in the months ahead. >> if you are looking ahead with optimism to the new year you are not alone. pope benedict predicts peace will prevail in 2013. >> the pontiff made his upbeat forecast to mark the catholic church's world day of peace. he was convinced of humanity's capacity to live without conflict despite the inequality and terrorism afflicting many parts of the world. >> yeah. there is one such confl
major challenges confronting us today. first, the problems in the euro zone are driving fundamental change in europe. second, there is a crisis of european competitiveness as other nations across the world sort ahead. and third, there is a gap between the eu and its citizens which has grown dramatically in recent years. and which represents a lack of democratic accountability in consent that is, yes, felt particularly acutely here in britain. if we don't address these challenges, the danger is that europe will fail and the british people will drift towards the exit. i do not want that to happen. i want the european union to be a success. and i want a relationship between britain and the european union that keeps us in it. that is why i am here today. to acknowledge the nature of the challenges we face, and to set out how i believe the european union should respond to them. and to explain what i want to achieve for britain and its place within the european union. so let me start with the nature of the challenges we face. first, the euro zone. the future shape of europe is being forge
about? >> yeah. it was guilts. booms also going. the dollar, $1.33 verse you the euro and 88 on the yen. finally, gold was up significantly yesterday. it's falling back a little today, down about four points. >>> now time for the global markets report. ross westgate standing by in london. mr. westgate, how are you this morning? >> hey. we're good. thanks very much. as you just saw joe point out, softer here. we have bounced off the session low a short while ago. and the german economics ministry talking about the forecasts for germany, as well. just helping us bounce off that primarily, saying, yes, we've had a weak fourth quarter. will be weak at the beginning of the year. they're expecting a much stronger rebound toward the end of 2013. so the footse 100 was down .5, currently down .3. down .3 for the xetera dax, down .1 as is the french market, ibex down .3%. the euro/dollar, we had an interview with ewald nowotny, the austrian central bank governor. member of the ecb governing council, as well. you see the spike -- we had the session chart, what i was looking for. you would have see
worried about the euro, the fiscal cliff, saw it as a safe currency. with the rest of the world stabilizing everyone's looking at the u.k.'s underlying fundamentals, no growth, lack of competitiveness, banks talking about weaker sterling. sterling looks vulnerable. >> what happens with the government's finances? the ocd's come out said public spending for 2012, 49% of gdp. it was 49.6% 2011. it was supposed to go down, it went up. >> the gdp numbers were much weaker than expected. we thought there would be a decent recovery in activity. it's than public spending overshot, it's that gdp has undershot. from the ratio point of view you've ended up with a higher level of public spending. >> when you talk it weakness in sterling, what is hsbc saying -- >> against 1.8150. not a huge fall but sterling is one of the weakest of the -- generally soft currencies over the next few months. >> before you go, let's move away from the u.k. just give us your -- your general view of how 2013's going to shape out on a global economy. >> it's a great rotation in the sense that i think we'll see a d
coming in stronger in the real star here. the euro topping 135 for the first time since april 2010. and strengthening even more after the gdp release. overnight in iasia, the nikkei p from 2010. the road map starts with the markets. today may be the day some milestones are hit. we're just about 2% away from dow 14,000. a level we have not traded above since october 17th, 2007. the s&p 500 less than 4% below its october '07 record high. can the bulls overcome the news of the surprise contraction in gdp. >> anticipation building, at least certainly here for research in motion. that being the blackberry 10, will it be enough to sustain the run. we'll take a look. >> amazon shares rocketing higher this morning. investors looking past the revenue and weak guidance, focusing instead on the gains in operating in gross margins. shares are set to open at record highs. >> look at chesapeakchesapeake,d of directors announcing the founder retiring in april. >> we do begin with a stunning gdp report. the economy contracted to 0.1% in the fourth quarter. first decline since 2009. this as we rema
, and it is lower. as for the euro against the dollar, it is declining. >> when we come back after a short break, the small town in eastern germany that has declared war on the far right npd, as they try to gain a foothold there. >> that and more after the break. >> stay with us. >> thanks for staying with us. >> welcome back. we begin with the story of a small town in eastern germany that has seen the far right npd party convince many residents to give it its support. some have organized to resist that. >> and they have been recognized by germany's jewish community. the group emerged to resist the influence of the neo-nazi npd. the npd set up major headquarters in the town several years ago. >> the party quickly turned into a powerful force. here is a story of how locals who objected organized. >> pretty houses and clean streets. it looks idyllic, but appearances can deceive. there's no industry, and there are few jobs. many young people have moved away. yet, one group is moving in in increasing numbers -- right wing extremists from western germany. leaders of the far right npd party have chose
are moving a bit lower today. forex, the euro/dollar is one to watch, up 0.1% today. 1.3330. people are talking about how the ltr payment amounts to tightening. the question then becomes for some of the weaker economies whether it's too strong. dollar/yen moving up today. the yen is weakening by about 0.1%. fitch is saying british banks could need more capital. this has certainly been a theme. something, in fact, out in davos. ross, maria and everyone has been asking banks do they play to raise more capital? ross, what do they have to say about that? >> well, look, there's a lot of folks. what was interesting is when we spoke to the barclay's ceo mr. jenkins this morning said the whole industry when they were growing revenues didn't have to worry too much about costs. now they have to focus on the cost side of the business, which we know they're going to have a transformal plan and that's what they're going to be doing, as well. . capital requirements, how much capital is right when you're still going through periods of contracting growth because, obviously, the higher capital you h
. the calculations are based on an exchange rate of 85 yen to the dollar and 115 yen to the euro. the japanese currency has been weaker than that lately, so this would be considered a cautious outlook. executive vice president toshizo tanaka added he expects the global situation to improve later this year. >> translator: we hope that economic measures introduced by the u.s. and china will help fuel consumption in the latter half of the year. >>> south korean export verse dramatically increased their global market share the recent years with you the tide seems to be turning. a search in the value of the yuan is one reason. >> reporter: weak yuan has provided a strong foundation for exporters but the good times may be coming to an end. is the won has risen against the yen 30% since last june. the currency is fluctuating between 1,100 to 1,200 per 100 yen. the won continued to rise against the dollar. last month, the korea automotive research institute released a report called the recent weakening of the yen and its effects on the car industry. th hyundai motor group is south korea's largest carm
, there is some growing optimism that greece will remain in the euro. the greek stock market has soared over the last year from a little -- from a very low base. transport workers are staging another 24-hour stoppage today. a doctor strike has left hospitals functioning with emergency staff. this comes after the greek finance minister told us that the bbc that he was expressing optimism about the growth outlook. our correspondent tells us why these workers are striking. >> the humanitarian catastrophe that has unfolded here in the last few years is very real. does bear in mind the figures -- just bear in mind the figures. it is staggeringly high unemployment. you have hospitals running out of medicine. schools are running out of textbooks. you have kids who are now having to have food vouchers in schools because their parents cannot afford to feed them. homelessness and poverty are soaring. that is the real cost of greece 's financial crisis, and it is very dramatic inedeed. >> let's move on. some of you think it's too early in the day. it's got to be 6:00 p.m. somewhere. today, half-year re
numbers and determine how the u.s. economy is doing. euro/yen 104.7 to 50. >>> japanese workers may have a few more yen in their pockets if union leaders get their way. labor and business leaders are discussing a proposed wage hike. >> translator: a wage increase is a way to ending deflation. it's time for businesses to invest in human resources and not cut corners with workers earnings. >> koga asked for an increase of wages much 1%. he said raises based on seniority should continue. the leader of the business federation opposed the union's demand. he said labor leaders are ignoring the reality of today's business climate. >> translator: this year workers and managers need to share a sense of crisis. we need to have constructive discussion. it's critical for us to do so, to ensure businesses survive and grow. people need stable employment. >> he said the current economic situation leaves no room for raising wages across the board. he said struggling firms may be forced to postpone or even cut regular raises. >>> manufacturers have long been seen as leaders of japanese industry, but a ne
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